TSP withdrawal


Q. I’m in FERS and am planning to retire at the end of this year at age 57 with 30 years of service. If I take a monthly payment, when do I have to submit my form TSP-70 to ensure I receive my first payment as quickly as possible? I understand the TSP needs to be notified of my retirement before they can provide my monthly payment, but I would like advice on how to time my retirement with my TSP withdrawal. Is the TSP automatically notified when my retirement is official?

A. It’s impossible to predict, but I suggest that you file your request a couple of weeks before your separation date. It’s up to your agency to notify the TSP of your retirement, and then it shouldn’t take more than a couple of weeks after that for your request to be processed.


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Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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